Thursday, August 21, 2008
Retail sales up in July
Posted by David Smith at 09:45 AM
Category: Thoughts and responses

The official figures have been highly volatile recently and again they sprung a surprise for July, showing a 0.8% rise against expectations of a small fall. Sales over the latest three months were up by 0.7%. The retail sales deflator showed a 12-month rise in prices of 1.6%, the highest for 10 years, boosted by higher food prices. The significance of the figures is mainly in what they did not show. Had they been weak they would have triggered a wave of recession headlines. Details here.

Business investment fell by 1.9% in the second quarter - not good news. This is, however, a series prone to revision.